The extract from a country’s balance of payments account is shown below.
Item | Import ($ million) | Export ($ million) |
Agricultural products | ------ | 200 |
Mineral products | ----- | 300 |
Consumer goods | 250 | ---- |
Capital goods | 400 | ---- |
Insurance | 50 | 25 |
Banking | 75 | 30 |
Transportation | 85 | 25 |
Loans | 150 | 60 |
Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.
(a) (i) Define distribution of goods.
(ii) Illustrate the normal chain of distribution of goods.
(b) Describe a consumers’ cooperative society.
(c) Outline any four roles performed by a consumers’ cooperative society
(a) What is an industry?
(b) Explain the following:
(i) division of labour;
(ii) economies of scale.
(c) Outline any four internal economies of scale.
(a) Define joint venture.
(b) Identify any three merits of a private company over a partnership.
(c) State any three sources of finance to a public enterprise.
(a) Distinguish between the following pairs of concepts:
(i) elastic demand and inelastic demand
(ii) income elasticity of demand and cross elasticity of demand.
(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:
(i) price elastic;
(ii) price elastic